Why Cyber Security Risk Assessment is Critical to your Business 

 

Why Cyber Security Risk Assessment is Critical to your Business 

 

 

The goal of cyber-security assessment is to identify risks that affects the overall health of your network. Having an IT professional perform regularly scheduled cyber security risk assessment for your company is essential by preventing potential cyber-attacks. Cyber security risk assessment is critical to your business because it helps identify vulnerabilities, mitigate risks, and implement precautionary measures in place.  

 The outcome of the security risk assessment will help you determine whether your employees are following the correct security protocols and if assess if your data is vulnerable. Once the risks are identified, you will be able to create strategies in order to implement the right security measures, such as cyber security awareness training for your staff as well as create new or improve your current security policies and procedures. 

 

Here are 3 reasons why cyber security risk assessment is critical to your business 

 

Protection from Costly Data Breaches 

Statistics shows that in 2019, an average estimated cost of a cyberattack is 1.7 million. Data breaches causes overwhelming financial losses, not only that, it also affects business reputation. Reputational damage causes a loss in organization’s credibility to current clients and also could be a deterrent to potential customers.   

 

Government Compliance Requirements and Audits 

There are some industries that requires certain compliance regulations in order to keep their business running. An example of that is the medical industry. The Health Insurance Portability and Accountability Act (HIPAA)congress incorporated HIPAA provisions that mandated the adoption of Federal privacy protections for individually identifiable health information. An effective cyber risk assessment will help you identify if whether the requirements are met. 

 

Security of Internet of Things (IoT) Devices 

Almost everything we own now can be connected to the internet. This feature is very convenient. All we have do is take out our phones and control almost everything from our garage door, pool temperature, and turn our air conditioner on. Although its convenient, this also allows hackers to get into it, and even allows them to take control of this devices. There are instances where hackers were able to get into medical devices, such as a patient’s pacemaker and stop it from functioning. Conducting a scheduled cyber security risk assessment can help preventing this from happening.  

Online threats are continually evolving, and so are our network security solutions. We provide the latest security software to protect your systems from malicious attacks residing in your network systems and ensure that they never come back again. Contact us for a free and confidential cyber security risk assessment!